Cobre Panamá miner Inmet snubs $5 billion offer

Canada's Inmet Mining revealed it rejected a $4.98 billion takeover bid from its rival First Quantum Minerals.

Inmet MIning is currently developing Cobre Panamá, a $6.2 billion project, located 120 kilometers West of Panama City.

"Inmet doesn't need a dance partner, it is happy to go on alone and build what may be the premier copper mine by the second half of the decade", said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services in Toronto.



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